The UK company, based in Birmingham, is regarded as the brand leader of ute accessories such as canopies, bed liners and general commercial-vehicle products.
ARB paid £21.9 million ($A40 million) cash that includes £10.0m ($A18m) payable on completion of the deal, deferred payments of £4.0m ($A7.2m) and a further amount of up to £7.9 million ($A14.2m) subject to performance thresholds being met over the next three years.
ARB reported to the Australian Securities Exchange that the purchase is being funded from its existing cash resources.
The acquisition, which will allow it to expand international distribution and evolve its product strategy, is expected to be profitable from the start of the ARB takeover, effective March 2, 2021.
“The acquisition adds scale to ARB’s global business and provides a base for the group in Europe’s largest ute vehicle market,” ARB’s statement said.
“The board welcomes the employees and management from Truckman to the ARB group and looks forward to working with them to grow the business.”
Truckman, started in 2002 and now employing 80 people, is centred in Birmingham at a 4860-square-metre head office and central distribution centre. The sale includes the business and the property.
“ARB will retain all existing staff and management and the Truckman business will continue to operate in the usual way with the added support of ARB’s expertise and resources,” the company told the ASX.
“Michael Wheeler and Richard Langman, the long-term chairman and managing director respectively of Truckman, will continue to manage the business.”
By Neil Dowling
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